Gov. Dayton Signs $443 Million Tax-Cut Bill
Minnesota Governor Mark Dayton has finally signed the nearly $443 million tax-cut bill that aims to help low and middle income families in Minnesota.
The AP reports tax officials need a couple days to figure out exactly how these new changes affect taxpayers. The bill originally saw $500 million in tax-cuts before Senate Republicans altered their version on Thursday.
Some of the specifics include $115 per year savings for the state’s 650,000 married couples through elimination of the “marriage penalty”. Also, more than 25,000 families who qualify for child care tax credits will see an average increase in their tax credit of $74 per year.
Small businesses will benefit as well; they’ll be able to offer their employees tax-free tuition and adoption assistance. More information about the tax-cuts can be found at mn.gov/governor/images/2014_03_21_middle_class_tax_cuts.pdf
The Star Tribune reports $57 million of the cuts can be applied to 2013 tax returns, making them “retroactive”.
In total, the bill cuts taxes by $443 million in this budget cycle and $956 million in fiscal years 2016-2017.